UAE’s Air Arabia to distribute 15% dividend for 2022

Sharjah-based Air Arabia has approved the distribution of 15 per cent cash dividend for the financial year ending December 31, 2022.

Shareholders of the company approved the dividend payout at the annual general meeting. The dividend is equivalent to 15 fils per share.

Air Arabia shareholders approve 15% dividend distribution.#WamNews https://t.co/MfUyMO68LT

— WAM English (@WAMNEWS_ENG) March 14, 2023

The carrier reported a record net profit of Dhs1.2bn for the year 2022, increasing 70 per cent compared to 2021. Its turnover reached Dhs5.2bn, 65 per cent higher compared to Dhs3.2bn registered in 2021.

Read: Air Arabia reports 70% rise in 2022 net profit

The assembly also elected the board of directors for the next three years, it announced on Tuesday.

“The company’s 2022 profitability is considered the best in Air Arabia Group’s operating history and reflects our robust business model and perceptive growth strategy. We are committed to continuing our excellent achievements and to driving operational efficiency across our business,” said Sheikh Abdullah Bin Mohammed Al Thani, chairman of Air Arabia.

In 2022, Air Arabia added 24 new routes to its global network from its operating seven hubs in the UAE, Morocco, Egypt, Armenia, and Pakistan. The carrier took delivery of 10 new aircraft and ended the year with a fleet of 68 Airbus A320 and A321 aircraft operating to more than 190 routes across the Middle East, Africa, Asia, and Europe.

The group also launched operations of its latest joint venture airlines. In June, Fly Arna, Armenia’s national airline, started its operations from its base in Yerevan, while Fly Jinnah, Pakistan’s new low-cost carrier, started operations in October and added four domestic destinations.